US pharmaceutical giant Pfizer Inc signed a deal to purchase development-stage obesity drugmaker Metsera Inc, winning a bidding war against Novo Nordisk A/S, the Danish drugmaker behind weight-loss treatments Ozempic and Wegovy.
Metsera, based in New York, has no products on the market, but it is developing oral and injectable treatments. That includes potential treatments that could target lucrative fields for obesity and diabetes.
The deal comes as Pfizer is attempting to develop its own stake in that market, several months after ending development of a potential pill treatment for obesity.
Photo: REUTERS
In a statement issued on Friday, Metsera said Pfizer would acquire the company for up to US$86.25 per share, consisting of US$65.60 per share in cash and a contingent value right entitling holders to additional payments of up to US$20.65 per share in cash.
Metsera cited US antitrust risks in Novo’s bid, saying in its statement that the board has determined Pfizer’s revised terms represent “the best transaction for shareholders, both from the perspective of value and certainty of closing.”
The deal comes three days after Novo Nordisk raised the stakes in its push to outbid Pfizer, on Tuesday saying it would offer to pay as much as US$10 billion for Metsera. That was higher than its previous bid of up to US$9 billion, which sparked a lawsuit from Pfizer.
Pfizer had altered the offer it made in September of nearly US$4.9 billion to provide more cash up front, Metsera had said.
New York-based Pfizer said in an E-mail that it was happy with the terms of the deal, and expects to close the transaction shortly following the Metsera shareholder meeting on Thursday.
Novo Nordisk on Saturday said it would not increase its offer and would leave the race to acquire Metsera.
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